Financial Results : Saudi Catering net profit down 85% to SAR 15.6 mln in Q1 2020

Saudi Catering net profit down 85% to SAR 15.6 mln in Q1 2020

20/05/2020 Argaam Exclusive

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Saudi Airlines Catering Co. reported a net profit after Zakat and tax of SAR 15.6 million for the first quarter of 2020, an 84.9% year-on-year (YoY) decline.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 521.63 452.70 (13.2 %)
Gross Income 191.87 119.16 (37.9 %)
Operating Income 125.56 34.54 (72.5 %)
Net Income 103.53 15.56 (85.0 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 1.26 0.19 (85.0 %)

The decrease in net profit was attributed to the disruption of the business activities, which included the suspension of commercial flights following the implementation of the precautionary measures to combat the impact of COVID-19 outbreak. The move resulted in 13.2% lower sales and higher accounts receivable provision, but fixed costs remained stable.

 

When compared to the previous quarter, net profit after Zakat and tax fell 84.6% due to disruption of business activities.

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